New Atlanticist
Aug 21, 2020
Unconventional monetary policy is not a free lunch in Europe or the United States
By
Andrzej Rzońca and Grzegorz Parosa
The European Central Bank and the US Federal Reserve responded to the economic effects of the COVID-19 pandemic with a similar prescription to the one they used during the Global Financial Crisis (GFC), but this time they multiplied the dose.